Acme Inc. may replace an old machine with a new, more efficient model. The old machine was purchased 5 years ago for $70,000. It is being depreciated over 7 years to zero book value using the straight-line method. Its current book value is $20,000. Its current market value is $16,000. The new machine costs $120,000. It will be depreciated over 6 years to zero book value using the straight-line method. After its useful life of 10 years it is expected to have a scrap value of $15,000. The new machine will increase Earnings before Depreciation and Taxes by $25,000 per year for 10 years. The company's tax rate is 30% and the appropriate discount rate for this project is 10%.Compute the project's IRR.

Important:: Enter your answer to two decimal places with a % sign (e.g., 8.17%)